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Futures Reverse Overnight Weakness, BoJ Rinban Operations Due

JGBS

JGB futures have pushed into positive territory in Tokyo morning trade, +6 compared to settlement levels, after overnight losses.

  • Jibun Bank PMIs for June have printed: Composite Index fell to 49.7 from 52.6 in May, and Services Index fell to 49.4 from 53.8 in May.
  • (Bloomberg) Sumitomo Life Insurance says the yield on Japan’s 30-year bonds could rise to a maximum of 2.5% within the fiscal year ending March 2025, and that the current level isn’t attractive enough to make intensive investments. (See link)
  • Cash JGBs are flat to slightly richer, with the 5-year zone outperforming. The benchmark 10-year yield is 0.2bp higher at 1.089%.
  • The BoJ will conduct Rinban Operations today covering 1-5-year and 10-25-year JGBs. No change in bond buying is expected as we await more details on the BoJ plans. The central bank is meeting with key stakeholders in the bond market space early next week.
  • Swaps are 1bp richer across maturities. Swap spreads are mostly tighter.
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